DAX Xetra (cash index)
The DAX has swung back higher once more as the market has gapped higher at the open today.
This comes after a solid bull candle yesterday and now means that the resistance of recent months between 12,600/12,647 is again under pressure.
Is this a move that the bulls can fully get behind now?
Well, that depends on how the market responds to this resistance band again.
It certainly is a positive response from the bulls to what had looked earlier this week to be a downside break that was gathering momentum.
Leaving support at 12,312 is now a key reaction low to watch.
It is interesting to see that momentum indicators that had been deteriorating are now turning round.
On the hourly chart the momentum outlook is still uncertain, and the hourly RSI needs to push into the 70s to suggest positive momentum is growing.
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